Fri Sep 06 16:22:34 UTC 2024: – Analyst gives Nordstrom, Inc. (NYSE:JWN) a buy rating due to positive macro backdrop and margin outlook
– JWN reported strong 2Q24 results, with total retail sales growth of 3.4% y/y and adj EPS of $0.96
– Rack banner saw strong growth, with net sales up 8.5% y/y and same-store sales up 4.1%
– Full-line business showed pockets of strength, indicating potential growth acceleration in 2H24
– JWN received a buyout offer from Nordstrom family and El Puerto de Liverpool, S.A.B. de C.V. at $23 per share
– Analyst believes board may not accept the offer, but it serves as a floor to valuation
– Analyst gives JWN a buy rating, citing robust demand trend, positive margin outlook, and favorable macro environment as reasons for optimism.

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